Kinarus Therapeutics Group Reports First Half 2023 Financial Results
August 30, 2023 at 12:02 pm EDT
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Kinarus Therapeutics Holding AG / Key word(s): Half Year Results
Kinarus Therapeutics Group Reports First Half 2023 Financial Results
30-Aug-2023 / 18:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
Ad hoc announcement pursuant to Art. 53 LR
Basel, Switzerland, 30 August 2023. Kinarus Therapeutics Holding AG (SIX: KNRS) (“Kinarus”), a clinical-stage biopharmaceutical company developing novel therapeutics to treat viral, respiratory, and ophthalmic diseases, today published its unaudited first-half 2023 consolidated financial results for the period ending 30 June 2023.
First-Half 2023Financial Results[1]
Research and development expenses: Research and development expenses were TCHF 272 for the first half of 2023, as compared to TCHF 236 for the same period in 2022. The expenses were attributable to our Phase 2 clinical trial in ambulatory COVID-19 patients, production of drug products for the clinical studies, engagement of a clinical research organization to conduct the clinical trials, as well as expenses related to IP maintenance.
Payroll expenses: Payroll expenses were TCHF 487 for first half of 2023, as compared to TCHF 107 for the same period, primarily related to management and employees’ salaries.
General and administrative expenses: General and administrative expenses totalled TCHF 862 for the six months ended 30 June 2023, representing an increase of TCHF 446, compared to TCHF 416 for the six months ended 30 June 2022. The increase mainly driven by costs for intensified investor relation activity management and increased legal expenses, hiring of additional consultants, insurance costs related to D&O insurance coverage for members of board and management.
Net Loss: Net loss for the first half of 2023, was CHF 2,1 million, resulting in a loss per share of CHF 0.00172 per basic and diluted share. This compares with a net loss of TCHF 822 or CHF 0.0026 per basic and diluted share for the first half of 2022.
Cash Position: Cash and cash equivalents were THCF 150 as of 30 June 2023, compared to CHF 1.3 million as of 31 December 2022. Based upon our current cash resources, we estimate that our existing cash and cash equivalents and access to financing from CDIM will enable us, in light of the low operational expenses, to carefully select the best partners in the best indication and the best area for a collaboration. Several discussions with potential partners are ongoing.
[1] The interim condensed consolidated financial statements 2022 only include one month of profit and loss, due to timing of the reverse takeover of Perfect Holding Ltd by Kinarus, whereas the interim consolidated financial statements 2023 include six months of Kinarus.
Unaudited consolidated income statement (in TCHF)
TCHF
Notes
01.01.23 - 30.06.23
01.01.22 - 30.06.22
External research and development expenses
(272)
(236)
Payroll expenses
6
(487)
(107)
General and administrative expenses
7
(862)
(416)
Loss before financial result, taxes and depreciation and amortization
Investors & Media
Chris Maggos
Cohesion Bureau
+41 79 367 6254
chris.maggos@cohesionbureau.com
Legal disclaimer
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL NOR AN INTIMATION TO SUBMIT A PROPOSAL FOR THE ACQUISITION OF SECURITIES OF KINARUS THERAPEUTICS HOLDING AG. THIS PRESS RELEASE IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, INTO OR WITHIN ANY JURISDICTION WHERE IT IS UNLAWFUL TO BE DISTRIBUTED.
Kinarus Therapeutics Holding AG is a Switzerland-based Company that operates as a biopharmaceutical industry engaged in diseases treatment. The Company conducts its work within clinical-stage area and its activities include discovery, examination and development of medicines that are intended for the treatment of viral, respiratory, and ophthalmic diseases. Kinraus therapeutic drug is patent protected KIN001 which is a combination of pamapimod and pioglitazone. KIN0001 offers oral, long-term treatment of diseases with severe impact on the comfort of living.